The Office for National Statistics has, for the first time, included estimates of the impact of prostitution and illegal drugs in the national accounts. By the ONS’ reckoning they add about £10bn to the British economy.
Estimates of anything to do with the black economy are always going to be uncertain at best, but the statistics available are pretty interesting. Read more
Racial prejudice is growing in Britain, at least according to the headline on the front of the Guardian newspaper this morning. The paper describes a “Rising tide of race prejudice across Britain” based on new data from the British Social Attitudes Survey.
The BSA asked respondents whether they’d describe themselves as prejudiced against people of other races. The Guardian aggregated those who said they were very prejudiced and those who said they had a little prejudice.
It is true that this proportion has risen recently, from 27 per cent in 2012 to 32 per cent in 2013, but the long term trend is decline.
The full regional breakdown of results and turnout in Ukraine’s presidential election is shown in the interactive graphic above, including figures for individual stations within Donetsk and Lugansk. Read more
The chart below, included in today’s Office for National Statistics figures about retail sales shows what Ed Milliband, the Labour party leader, would refer to as the cost of living crisis.
In the shaded part of the graph volumes, a measure of the quantity of goods sold, remains roughly flat while value, which is the amount spent, steadily rises.
Voters will go to the polls in all 32 London boroughs, 36 metropolitan authorities and handful of other councils on May 22. This interactive map and cartogram shows the current state of parties in the local authorities holding elections, and some of the possible scenarios for the elections’ outcomes.
This interactive graphic shows the full results of India’s general election. Narendra Modi and his Hindu nationalist Bharatiya Janata Party swept to power in the world’s largest democracy, winning a straight majority without the need for allies – the first such victory for a single party in three decades. Read more
Before a measure of inequality can be calculated there are some questions that need to be answered: Chiefly, equality of what? Living standards? Wealth? Income? Or, perhaps, opportunity?
And what do you include? Is income measured before tax and benefits, or after? Do you include public goods in measures of living standards? How do you account for public assets and debts in wealth?
And who are the relevant people? The whole world or one country? Do you include students and children or just adults of working age?
The level of inequality measured will always depend on how these questions are answered.
The British Wealth and Assets survey, released today, provides measures of inequality in private wealth (so not including public debts and assets) between different households.
And households come in different shapes and sizes.
Individuals who are married or widowed are the most likely to live in a wealthier household. Whereas those who are separated, divorced or single are the least likely.
Wage growth has risen by more than inflation for the first time since 2010 and employment has grown by the largest amount for 24 years, according to figures released by the ONS today.
Given this context its worth taking a look at the performance of Britain’s labour market since the 2008 financial crisis.
1. Despite lacklustre GDP growth employment has been steadily increasing since 2010. Read more
By Paul Hodges
The toy industry is going through difficult times as Lex highlighted recently. Profits at Toys R Us have halved since 2009, whilst Mattel is suffering due to poor sales of Barbie dolls. A dismal Christmas at the UK’s Mothercare led the departure of its chief executive. Read more
Britain’s flexible labour market has worked relatively well since the financial crisis. Predictions of mass unemployment were largely confounded and instead the country has seen declining labour productivity and wages and growing self-employment and part-time work.
A report out today from the Resolution Foundation asks whether or not the growth in self-employment is a permanent structural change in the economy or a temporary stop-gap that will disappear when the economy recovers. Read more
by Nassos Stylianou and John Burn-Murdoch
Between May 22 and 25, some 400 million people will be eligible to vote in the European Parliament elections. But how many of them will actually turn up at the ballot box?
Following 2009 treaty changes, the European Parliament will for the first time have a more direct role in electing the president of the European Commission , the EU’s executive arm, giving May’s election added significance.
Despite the increasing influence of the European Parliament, the percentage of those voting to elect its members has fallen in every election, from 62 per cent in 1979’s inaugural direct elections through to 43 per cent in 2009.
At the last European elections five years ago, less than half of those eligible voted in 18 of the 27 member states. In six countries, the turnout was below 30 per cent. In one country, Slovakia, less than one in five of those eligible voted.
Turnout in Germany, France and Italy – founding members of the common market – has eroded by more than 20 percentage points since then. In the UK, turnout was already low at 32.3 per cent in 1979 and levels have remained consistently below 40 per cent ever since.
However, several of the newer member states such as Estonia, Latvia and Bulgaria recorded a surge in turnout in 2009.
The New York Times asked yesterday whether Americans with a car in the driveway, a flat-screen television and a computer with an Internet connection can be described as “poor”.
In the United States, material goods – televisions, computers and cars – are at their most affordable in ten years, all having steadily dropped in price since 2005.
However, the cost of items that have traditionally helped pull Americans out of poverty – education, childcare and healthcare – have become far more expensive. Families’ everyday expenses also remain under strain from a steady increase in the cost of food and little change in the price of housing.
What would the same analysis of the cost of living look like in the UK?
We created a UK version of the chart in the New York Times’ story, using real prices calculated from the British consumer price index. The story was pretty similar:
Under a remote mountainside in Guinea, one of west Africa’s poorest but most mineral-rich nations, lies one of the world’s biggest undeveloped deposits of iron ore.
Developing the Simandou deposit and building the railway and port required to export the ore are expected to cost an estimated $20bn – three times Guinea’s gross domestic product. Read more